The Covid-19 crisis has been disruptive for many businesses, but the SMBs have had the major burn of all. There has been some relief in 2021 as the vaccines are here, and the lockdown has been removed. But things are still far from ordinary. And according to experts, it can be until august 2021 to get back to precisely like everything was before covid-19 as the authorities are figuring out the distribution and logistics of the vaccines.
Small businesses have been coping with the aftereffects of Covid since March 2020. And even though the immediate blow has been taken care of, it is essential to consider the long term effects of this generational crisis. The slow burns are often the ones that hurt the most.
It is still not clear what the world will look like after the crisis is over. Will the remote culture take off, will the social distancing continue, will everyone prefer doorstep delivery, and many more questions. The whole crisis might take months to end such a small business need to keep their neck up, plan and keep floating.
Here are some simple but effective measures to help you and your business sail through the prolonged effects of Covid to keep your employees calm and customers happy.
The major problem for small businesses is cash flow. With no or very little company in the previous year, the first concern is how to pay rent, the bills, the suppliers, and employee payments. Don’t fret.
Sit with a clear head and make a realistic estimation of your cash flow for the coming quarters. Now compare your cash flow against fixed expenses like rent, electricity, and supplier’s payments, which you can’t miss. It is a better business decision to cut the flexible costs for a while to make the vital ones and keep the business running.
This kind of solid financial planning and accounting will help you last long, during the end, and after the pandemic.
The relief packages for small and medium-sized businesses are not new. Governments across the world have been aiding SMBs with relief package loans at low interest.
The US government has released the CARES (the coronavirus aid, relief, and economic security) package of $349 in loans and small businesses’ assistance.
Similarly, the UK governing authorities launched the furlough program. The government will pay upto 80% of a furloughed employee’s salary, £2500/month maximum.
If your business is still struggling to stay open, then get government aid.
There are other ways to take public assistance in relief grants for small business from big tech organizations like Facebook, Amazon, and others.
Although there is still some confusion about such government aids’ interest rates and whether or not they will be canceled, so if your business is already in debt, it is better to shut down for some time than get into the rabbit hole of debt.
When nothing is going right, it is time to get creative. And what is a better way to bring creativity than technology in 2021?
For many SMBs using internet-based business alternatives are a great idea. Selling off from a website, home delivery, WhatsApp business account, and building a mobile app are excellent income streams and retail stores.
As we have seen in Covid too, that remote is the future. This is entirely true for consumer services as well.
Read the Blog: 8 Reasons to Outsource Software Product Development
Investing your precious business budget in building a second income stream is worth it in the long run. After Covid, it is wise to be prepared for any complication that might arise. The second stream of income for your business keeps the cash flow going.
You can also consider outsourcing to a software development company for any kind of technical setup and solution.
Due to the lockdown, the mindset and preferences of customers have changed. For months everybody was locked in a home, which altered consumer behavior massively.
To keep your business an active part of your customer’s life, you must understand how their habits have changed. And cater to their needs accordingly.
An easy way to do this is to ask your customers something they would like different about your product and service. Maybe some of them decided to order online post Covid too. Perhaps they are scared to be in public but don’t want to be excluded either.
Figure out how the post Covid world will impact your business and change your business model but don’t forget to include your customers in planning. Help them understand themselves better when they buy from you again.
As scared and stressed as you are, your employees are terrified as well. This is the time to step up, be collected, and calm everyone else. Be ready to ride the wave of change, and don’t complain how gritty it demands you to be. Adapt fast as the situation changes weekly, monthly, or every day.
Your employees are the most valuable part of the business. Without their help, it would be challenging to rerun the company after the Covid crisis.
Here are some suggestions to make it easy for employees and businesses to work together until the pandemic ends.
Remember, even if the businesses are reopening, masses are coming back to work, but the deadly virus is still not controlled yet. So while waiting for the spread to stop and planning to keep your business alive, be compassionate towards everybody. Covid-19 is something none of us has ever faced before. Let’s help each other out so that we emerge healthier and stronger out of this testing time.
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Software outsourcing is the process of hiring an offshore development team to create custom software solutions for the digitalization of a specific business process via an application or software maintenance.
The major benefit of outsourcing software development is the advancement of business through digital infrastructure. Other benefits are:
We understand your concern for quality, but with Imenso, you don't have to worry. At the beginning of every project, we send you a list of experienced professionals from which you can choose from. Thus you are satisfied that your offshore software development project is in capable hands.
We work with many technologies to create custom software solutions. Our expertise includes robust PHP development using the best frameworks: Laravel, Yii, CodeIgniter, CakePHP and more.
For mobile development, we work with android, ios and hybrid development.
Game development, .NET, Power BI, WordPress, Shopify are some other competencies.
For more detailed insights, check out our technical expertise section.
Our team has an enthusiast in every industry. We know about the ins and outs of all. Together we've worked on projects from multiple industries including Tourism, Human Resource, Blockchain, Finance, E-Learning, Health Care, E-Commerce, B2B, Consulting, Fashion, Automotive and Real Estate.
We have a cumulative experience of 10 years working as a software and web development company. Our team of 60+ coders and developers at Imenso are proficient in the latest technologies which solve complex business issues seamlessly.
We love to code and create. PHP development, .NET development, mobile application development, business intelligence and data analytics, game development, CMS and eCommerce and UI/UX are the tools with which we work to provide technological solutions for real-world problems.
Our software/web development agency offers all types of hiring models: dedicated resource, fixed and hourly pricing as per your business needs.
Choose a dedicated resource for full control over your web development project. You can also go with the fixed pricing if the project requirements certainly won't change during its tenure.
The total time for project delivery is based on several factors. Our custom web/software team understands the requirements fast and deliver web solutions in the minimum time possible.
It generally takes around 12-15 weeks to finish a software development project with minimum features depending upon the number of iterations and functionality required. In around 12 weeks we develop a complete software product to solve your problem. Although a feature rich product takes longer.
Protecting your intellectual property is our top priority and we don't compromise with it. All the conversations and data about the project is NDA protected.
Our software and web development agency has experts for every technology. You can choose which professional is the best fit for your offshore project.
We deliver the best software solutions for our clients. However, if you aren't satisfied with the services provided, feel free to contact your Account Manager at Imenso Software. We will try to resolve your issue in the best ways possible.
Yes. Our software and web development company aims to provide the best client experience. We provide a dedicated project manager for your project only. The project manager is responsible to keep you updated about the progress and make sure the deadlines are met. He also takes feedback from you and optimizes work accordingly.